RATE OF TDS

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Sutanu Biswas

Sutanu Biswas (Querist)
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31 January 2011 When TDS is applicable for rent and contractual business?

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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31 January 2011 Rent is covered u/s 194 I of the Income Tax and The Tax is required to be deducted where amount paid exceed 120000/- during financial year.The rate is
rate is:

Rent of P & M 2%
Others 10%

Contractual Business is covered u/s 194C of the IT Act. The Tax is required to be deducted where amount paid exceed 30000/- in a single payment or Rs. 75000/- in the aggregate during financial year.The rate is

Payment to Individual/ HUF 1%
Others 2%

Sutanu Biswas

Sutanu Biswas (Querist)
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31 January 2011 IN RENT(U/S 194 I) WHEN IT IS 2%
PLEASE BRIEFLY WITH EXAMPLE.

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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31 January 2011 Its clearly mentioned in my answer 2% if you take Plant & Machinery on rent

Ankur

Ankur (Expert)
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31 January 2011 The min payment for rent has been increased to Rs 1,80,000 per annum by Finance Act 10.

No Deduction is required is payment is made BY Individual or HUF

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